Non-Conforming Loans

Non-conforming loans are loans that do not conform to the guidelines set forth by Fannie Mae or Freddie Mac. Non-conforming loans consist of Jumbo loans (exceeding the conforming loan limit), inadequate credit history or derogatory credit, not enough income, home equity or home improvement loans, credit lines, and second mortgages to name a few.

TIP: Compare your credit card purchases against your anticipated income. If your expenses exceed the income (other expenses such as rent included) don't purchase it.